Indian FinTech Perfios reaches unicorn status
Perfios has raised over $70 million in a Series C funding round from existing investors Warburg Pincus LLC and Bessemer Venture Partners, putting the Bengaluru, India-based FinTech startup in the unicorn club, Tech Story reported. Sunday February 27.
Perfios did not reveal its valuation, but the new round, according to VCCircle, valued the company at $4.05 billion.
According to the statement, Perfios will use the money to expand its operations, capital expenditures, financing acquisitions and working capital.
The company will also raise about $40 million in debt financing this year. And the company previously raised $50 million in its Series B round.
Perfios was founded in 2009. It is an analytics company, operating in both business-to-business (B2B) and business-to-consumer (B2C) categories. It says it can extract, categorize and analyze thousands of data sets in real time, enabling financial institutions to make better lending decisions.
The report states that Perfios categorizes more than 500 million transactions each month and supports 1,700 data formats.
The company claims to have an international footprint in 18 countries.
Read more: FinTech RapiPay Raises $15M for NYE Digital Banking Super App
Fellow Indian FinTech RapiPay also raised funds recently, bringing in $15 million to make its super NYE digital banking app work better.
The report says the capital will be used to build “a robust digital financial ecosystem” for consumers and businesses in India.
“Investors see great synergy with NYE to ensure their entire retail network of 6 million merchants uses the super app for all their requirements such as payroll and current accounts, payment solutions , personal and business loans, buy now pay later, investments, insurance or other convenience services,” RapiPay said in a statement announcing the funding effort.
Yogendra Kashyap, co-founder and managing director, said entering B2C markets with NYE is a “natural business progression.”
“Our philosophy has been to start with research, understand the requirements, and then build technology with viable business models. We don’t believe in burning capital to acquire consumers,” he said.